OKLAHOMA CITY, Nov. 14, 2018 /PRNewswire/ -- After careful consideration, the Board of Trustees of Exchange Traded Concepts Trust has determined that it is in the shareholders' best interest to close and liquidate the REX VolMAXX™ Short VIX Futures Strategy ETF (CBOE: VMIN) (the "Fund"). Exchange Traded Concepts, LLC ("ETC") serves as the investment adviser and Vident Investment Advisory, LLC ("Vident") serves as the sub-adviser to the Fund.
The Fund will be closed to orders for new creation units as of November 16, 2018, and the last day of trading of the Fund's shares on the Cboe BZX Exchange will be November 26, 2018. From November 16, 2018 through November 26, 2018, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period. Customary brokerage charges may apply to such transactions. The Fund will liquidate on or around November 29, 2018 (the "Liquidation Date"). For the final dividend distribution, the ex date will be November 21, 2018, the record date will be November 23, 2018 and the pay date will be November 29, 2018.
Starting November 16, 2018, the Fund will begin converting its portfolio assets to cash. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund's prospectus.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, the Fund's net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Fund will terminate.
For additional information, please call 1-844-REX-1414 or visit www.rexetf.com.
Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's summary and full prospectuses, which may be obtained by calling 1-844-REX-1414. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. VolMAXX NAVs are calculated using prices as of 4:00 PM Eastern Time.
Exchange Traded Concepts, LLC serves as the investment advisor and Vident Financial serves as sub-advisor to the fund. The Funds are distributed by SEI Investments Distribution Co. (One Freedom Valley Dr., Oaks, PA 19456), which is not affiliated with Exchange Traded Concepts, LLC or any of its affiliates.
SOURCE Exchange Traded Concepts Trust